Oct
01

Myrtle Beach Real Estate Report Released

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Sales of single-family houses along the Grand Strand are up over last year, but prices have dropped nearly $63,000 since they spiked in 2007 because of foreclosures and short sales, according to a new study.

The median sales price of Horry County houses peaked in 2007 at $223,650, and has declined each year since with today’s home price estimated near 2004 levels at $161,000, according to a report from SiteTech Systems, a local company that tracks the real estate market.

The prices began to decline after 2007 when the supply of houses outpaced the demand. Prices were inflated based on an artificial demand, there were relaxed underwriting standards, unemployment was on the rise, and the economy took a downturn, said Todd Woodard, president and chief operating officer of SiteTech Systems of Myrtle Beach. That caused a growing number of homeowners to go underwater where they owe more on the mortgage than the house is worth and resulted in more default and distressed properties, Woodard said.

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